Jonathan Gray

We tend to take this longer-term approach.

And when we do that, it looks like a very bright environment.

So I think with us, what we found is we just keep executing, keep delivering good returns for our customers.

That enables us to raise money, to expand our business.

And I think shareholders will see that this business can continue to grow and deliver.

Well, we would say that if you look at the three big troubled credits that have been out there the last couple of weeks, this is not a private credit story.

These credits were bank led.

They were bank originated.

They were bank syndicated.

So we can't really understand why there's a referendum on private credit.

I would also point out that these were non-institutional borrowers.

If you look at what we do in our $150 billion direct lending business, we lend 98% to private equity sponsors, to public companies.

These were individuals, and also,

It appears based on the reporting that there was fraud involved in these three situations.

That's something that's not so common.

So I don't think it says really anything about private credit.

And I also, because of the idiosyncratic nature of the facts here, I don't think it says a lot about the overall health of credit in the system.

Well, clearly in these situations, there should have been more concern registered.

When you go through a period of very low defaults, there can be at times people relaxing standards.

And maybe that was the case in these situations, although in defense of the folks who lent here,